May 2025 Monthly Developer Sales: Commentary by ERA

SINGAPORE, 16 June 2025 – URA has released the June 2025 Developer Sales report.

“New home sales for May 2025 totalled up to 312 new private homes (excluding ECs), reflecting a 52.9% month-on-month (m-o-m) decline. The lower number of new home sales in the month could be primarily attributed to a lack of new launches in the month, a contrast from previous months which saw high-profile project launches.”

“May saw 39.3% of new home sales transacted below $2 million, highlighting buyers’ increasing focus on affordability. This more measured buying behaviour reflects the prevailing caution in the market, as ongoing trade tensions continue to dampen consumer confidence. Despite the subdued sentiment, we continued to see healthy interest in investor-friendly projects, with One Marina Gardens, Bloomsbury Residences, and The Hill at One North leading sales for the month. Notably, 69% of the units sold in these three development were $2mil.” said Marcus Chu, CEO, ERA Singapore.

“The first five months saw a total of 4,350 new private homes (excluding ECs) sold by developers. Building on this ongoing momentum in new home sales, and barring any unforeseen circumstances, ERA Singapore projects 8,500 to 9,500 new homes to be sold for the whole of 2025.”

One Marina Gardens

“One Marina Gardens’ launch in April marked the first-ever residential project to debut in the Marina South precinct. May moved a further 62 units sold putting the project at 46.4% sold to conclude the month.”

“In May, 56 of 63 (88.9%) of units sold were 721 sqft and smaller in size, in 1- and 2- bedroom configurations. The buyer group for units of this sizing are most commonly investment buyers, who felt draw in by the first movers’ advantage in a new RCR location.”

“According to caveats lodged for the purchases of these 1- and 2-bedroom units, we found that they transacted at a median price quantum of $1.27 million. This price point presents a compelling entry-level opportunity for first-timer upgraders targeting a Rest of Central Region (RCR) property located close to Singapore’s downtown core.”

Bloomsbury Residences and The Hill @ One North

“Bloomsbury Residences is the first private residential project to debut within the new Media Circle precinct. The project, located in the new car-lite district sold an additional 32 units in May, raising the tally to 137 of 358 (38.3%) of units sold to date.”

“We saw considerable interest for investor-sized units in May, moving 29 1- and 2-bedroom units under 689 sqft. Units at Bloomsbury residences offered a great value proposition, particularly for 2-bedroom units. These transactions saw a median price of $1.66 million, which was below the RCR median price of $1.79 million for units between 600 and 700 sqft in size in the month.”

“The Hill @ One North also saw an uptick in new sales in May, possibly due to a spillover in demand from the launch of Bloomsbury Residence. The project saw 26 units sold in May, representing a surge from the 5 units sold in April. This performance brings total sales at The Hill @ One North to 94 units since the project’s launch in April 2024. “

Luxury Home Market

“Watten House emerged as the most popular development for new luxury home transactions in May 2025, accounting for four out of 14 luxury transactions.”

“It suited the high-net-worth buyer preferences such as an address in a prestigious district, a freehold tenure, and a smaller, more exclusive development size. Furthermore, these are the most suitable private housing option for wealthy PR buyers who face barriers to buying landed property in Singapore.”

“May also marks the first month since August 2024 that there were no foreign buyers making new luxury home purchases priced at $5M and above. As such, luxury home buys in May were primarily driven by Singaporean and Singapore Permanent Residents, with both groups clocking seven purchases each.”

Luxury property purchases in the month were primarily driven by locals and Singapore Permanent Residents (SPRs), accounting for seven transactions each respectively. In contrast there were no purchases by foreigners.

21 Anderson, 32 Gilstead, and Watten House are developments that sold units in May, as they share desirable traits amongst luxury home buyers, who often look for a freehold tenure, as well as a small unit count – a sign of heightened privacy and exclusivity. Furthermore, these are the most sensible home for wealthy PR buyers who are locked out of buying a landed home in Singapore. 

Closing Remarks

Amidst this ongoing global uncertainty, Singapore’s property market remained grounded in stable fundamentals, that anchor real estate activity in genuine housing needs, rather than speculative motivations.

The next month, June, should see similar performance to May, as it is the seasonal lull with families choosing to travel during this school holiday season. We can expect a rebound in the market in July, where projects will start launching again, notably the EC project, Otto Place – which is expected to replenish the remaining EC stock of 30 units.

Overall, ERA Singapore projects 8,500 to 9,500 new homes to be sold for the whole of 2025.

For media enquiries, please contact:

Ning Peh, Senior Marketing Communications Manager, ERA Singapore

Email: [email protected]

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